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HUF: EURHUF Prints Fresh Multi-Month Low; PLNHUF Breaches Firm Support

HUF
  • EURHUF is trading just below Friday’s multi-month low of 383.70, down 0.25% on the session at typing. Today’s price action is highlighting the prevalent bearish technical conditions, supported by moving average studies shifting into bear-mode position. Immediate focus is on 382.34, the Feb 1 low, ahead of the 380.00 handle.
  • The local currency is outperforming its CE3 peers and PLNHUF is back below the 100-DMA at 90.30. That average has provided firm support over the past month, with the cross failing to close below the level despite several tests earlier in May. A clear break could therefore expose the May 2 low of 89.75.
  • Looking ahead, PPI data and trade balance figures will cross later in the week. Meanwhile, Moody’s may update Hungary’s sovereign credit rating after hours on Friday (Current rating: Baa2; Outlook: stable).
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